![]() The rise of data-driven business, from “Moneyball” to high-powered financial trading, has demonstrated that empirically-based decision making can result in far superior results. Many business decisions are made by gut instinct. Second, you can express your uncertainty about your estimates by expressing the level of statistical significance, or the size of a confidence interval or a margin of error.Įven with complex data and complex business questions, the right statistical analysis software will give you the tools you need to come to an answer, and express your level of certainty. Applying statistical techniques to your data accomplishes two equally important tasks.įirst, statistical analysis can provide empirical answers to questions about your business, such as “which of our two marketing campaigns resulted in more sales?” Statistical analysis software is designed to apply the power of statistics to your company’s data.
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